REG - Jade Road Investmnts - Termination of Heirloom as Investment Manager

Jade Road InvestmentsAnnouncement

13/03/2025 07:45

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RNS Number : 5342A  Jade Road Investments Limited  13 March 2025

 

JADE ROAD INVESTMENTS LIMITED

("Jade Road Investments", "JADE" or the "Company)

Termination of Heirloom as Investment Manager

Jade Road Investments Limited (AIM:JADE), the London quoted investment company
that looks to provide investors exposure to alternative investments which aim
to offer higher returns and lower risk than traditional asset classes,
announces that, as a result of the Company's change in strategic direction
announced on 7 February 2025, the Company and its Investment Manager Heirloom
Investment Management LLC ("Heirloom") have mutually agreed to terminate
Heirloom's role as Investment Manager with immediate effect. The directors of
the Company will collectively assume the responsibilities previously carried
out by the Investment Manager for the Company going forward.

 

The Company has agreed to settle outstanding fees owed to Heirloom of
£137,258. To conserve the cash resources of the Company it has been agreed
that the outstanding fees will be settled in both cash and shares. £68,628
will be paid in cash to Heirloom in equal instalments over the next 6 months
and the remaining £68,630 will be settled by the issue of 6,863,000 ordinary
shares at 1p per share. The share price of the Company as of 12 March 2025 was
0.215p. The issue of shares is therefore at a significant premium to the
Company's share price. The issue of shares is a related party transaction
under the Aim Rules for Companies. The Directors of the Company consider,
having consulted with Zeus Capital Limited, the Company's nominated adviser,
that the terms of the transactions are fair and reasonable insofar as its
shareholders are concerned.

 

John Croft, Chairman, commented: "the change in approach to implementing the
Company's investing mandate will result in a significant reduction in the
operating costs of the business."

 

Admission and Total Voting Rights

 

Application has been made to AIM for 6,863,000 shares to be admitted to
trading on AIM, the admission date is expected to be on or around 18 March
2025.

 

In accordance with the provision of the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority, the Company confirms that, following
the issue of the Placing Shares its issued ordinary share capital will
comprise 390,056,134 ordinary shares. All of the ordinary shares have equal
voting rights and 2,647,804 of the ordinary shares are held in Treasury. The
total number of voting rights in the Company will therefore be 387,408,330.
The above figure may be used by shareholders as the denominator for the
calculations to determine if they are required to notify their interests in,
or change to their interest in, the Company.

 

For further information, please contact:

 

Jade Road Investments Limited

 

+44 (0) 778 531 5588

John Croft

 

Zeus Capital Limited - Nominated Adviser

 

+44 (0) 203 829 5000

James Joyce / Andrew de Andrade

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain

 

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